Anderson Business Advisors Podcast

Tax Tuesdays with Toby Mathis 05-12-2020


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Do you loathe the Internal Revenue Service (IRS) and Small Business Administration (SBA)? Why? Lately, both are doing everything possible to undo what Congress is doing to provide financial assistance and relief related to the coronavirus pandemic (COVID-19). Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions and clarify information about the CARES Act. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

  • Updates on Tax Impact of CARES Act:
    • Paycheck Protection Program (PPP) 
  • Economic Injury Disaster Loan (EIDL)
  • Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act
  • My wife is 60. In 2019, she had $13,200 of Social Security income and $0 in income earned from work. Can she contribute to her health savings account (HSA) for 2019? High-deductible health plan is required to make contributions to HSA
  • What’s the best way to set up a real estate LLC, if you’re an investor that does both buy and hold, and fix and flips? Split them; put buy and holds into LLC or partnership, and fix and flips into S- or C-Corp
  • If I pull equity from a house, does the money need to go back into the house or can I use it on another property or for other things? You can use it for whatever you want, but deduct interest on Schedule A
  • Can we write off donations to our nonprofit, even though we still haven’t been approved for 501(c)(3) status? Yes, you have 27 months from the application date to get approval 
  • Is it too late to apply for a PPP loan for a contract worker? No, but apply ASAP
  • Will there be a penalty (forgiveness/tax) for paying an employee more than the average 2019 salary calculated (PPP) because of overtime or pension plan payments? There’s no penalty to help with forgiveness amount, but can’t pre-pay anything  
  • For all questions/answers discussed, sign up to be a Platinum member to view the replay!

    Go to iTunes to leave a review of the Tax Tuesday podcast. 

    Resources:

    Infinity Investing Workshop 

    CARES Act

    HEROES Act

    SECURE Act

    Small Business Administration (SBA)

    Internal Revenue Service (IRS)

    U.S. Government Accountability Office (U.S. GAO)

    Paycheck Protection Program (PPP)

    Economic Injury Disaster Loan (EIDL)

    Coronavirus Tax Relief

    Individual Retirement Arrangements (IRAs) 

    Traditional and Roth IRAs

    IRS Payment Tool

    Tax Cuts and Jobs Act (TCJA)

    Self-Employment Tax

    Unemployment Insurance

    Non-Filers: Enter Payment Info Here

    Real Estate Professional Requirements

    501(c)(3)

    Schedule A

    Schedule E

    457b

    403b

    Employer Identification Number (EIN)

    Schedule K-1/Form 1065

    Wills and Trusts

    1031 Exchange

    Cost Segregation

    Section 1031

    Section 1245

    1244 Stock

    Capital Gains Exclusion/Section 121

    Form 1099

    Form 1099-H

    Depreciation Recapture

    Bonus Depreciation

    Franchise Tax Board

    25 CFR 162.2

    Lady Bird Deeds

    Toby Mathis

    Anderson Advisors

    Anderson Advisors Events

    Anderson Advisors Tax and Asset Protection Event

    Tax-Wise Workshop

    Anderson Advisors on YouTube

    Anderson Advisors on Facebook

    Anderson Advisors Podcast

    ...more
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